Time, the pre-eminent weekly newsmagazine of the 20th century was sold for Rs.1378 crore. Now Time Magazine will have new owners: Marc Benioff, the billionaire co-founder of the software company Salesforce, and his wife, Lynne. Time’s parent company, Meredith Corporation, announced on Sunday that it had agreed to sell the flagship publication of once-mighty Time Inc. to the Benioffs for $190 million in cash (Rs.1378 crore in Indian currency). The proposed sale is expected to close within 30 days.
Benioff becomes the latest tech billionaire to take the reins of an iconic media brand. With the deal for Time, the Benioffs have picked up one of the most storied — but struggling — publications in the country. In a statement, the Des Moines-based Meredith echoed that Time would maintain editorial independence, and made it clear that the deal had nothing to do with Salesforce. “For over 90 years, TIME has been at the forefront of the most significant events and impactful stories that shape our global conversation,” said Tom Harty, Meredith’s chief executive, in a statement. “We know TIME will continue to succeed and is in good hands with the Benioffs.”